Worries about demand continue to weigh negatively on prices

Brent and WTI 1^st-nearby prices are trading below $64/b and $61/b respectively this morning. Time spreads are reducing quickly, pointing to strong concern about short-term demand prospects, as the delay in the vaccination campaign in Europe threatens the summer touristic season. The consensus is also pointing to the fifth weekly increase in a row in US crude inventories. OPEC output restrictions and worries about the recurrent attacks of the Houthis against Saudi Arabia oil infrastructure should nevertheless continue to support prices.